‘Steepest GDP drop in history’ in 2020 second quarter

By Hiran H.Senewiratne 

CSE activities produced mixed reactions yesterday with the registering by the Census and Statistics Department of the steepest GDP drop in history in the second quarter of 2020.  However,  index heavy Browns Investments  positive performance in the market prevented too great a fall by contributing 16 points to the All Share Price Index.   

Several index heavy blue-chip companies, including CTC, Browns Investments and Melstacorp  share prices appreciated while the majority of companies’ share prices depreciated. CTC share price appreciated by  Rs. 9 or one percent.  Its shares started trading at Rs. 1012 and at the end of the day it shot up to Rs. 1021, Browns  shares moved up by Rs. 11.40 or 12.5 percent. Its shares started trading at Rs. 91 and at the end of the day it moved up to Rs. 102.40 and Melstacorp shares appreciated by Rs. 1.60 or 3.3 percent. Its shares began trading at Rs. 48.90 and at the end of the day it moved up to Rs. 50.50. 

Amid those developments, the stock market indicated mixed reactions. All Share Price Index went up by 23.78 points and S and P SL20 came down by 5.38 points. The turnover stood at Rs. 3.4 billion with three crossings. Those crossings were, Asian Hotels and Properties, which crossed 1.9 million shares to the tune of Rs. 77.9 million, its shares traded at Rs. 41, JKH 500,000 shares crossed for Rs. 37.5 million, its shares traded at Rs. 150 and Pan Asia Power 5.7 million shares crossed for Rs. 22.6 million, its shares trading at Rs. 4.30.

In the retail market top five companies that contributed to the turnover were, Browns Investments  Rs. 1.2 billion (292 million shares traded), JKH Rs. 473 million (3.2 million shares traded), Hemas Holdings Rs. 192 million (two million shares traded), Expolanka Rs. 153.5 million (6.1 million shares traded) and Brown and Company Rs. 94.7 million (963,000 shares traded), During the day 410 million share volumes changed hands in 22177 transactions.  

Sri Lanka rupee opened weaker at 187.50/188.20 to the US dollar on Wednesday in the spot-next market while gilt yields remained steady in dull market trade, dealers said. The rupee was quoted at 186.80/187.40 to the US dollar on Tuesday against the US dollar.